Reliance, Inc. (NYSE:RS) Shares Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. increased its holdings in Reliance, Inc. (NYSE:RS) by 3,329.8% in the third quarter, HoldingsChannel.com reports. The firm owned 27,370 shares of the industrial products company’s stock after buying an additional 26,572 shares during the quarter. Edgestream Partners L.P.’s holdings in Reliance were worth $7,916,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Innealta Capital LLC acquired a new position in shares of Reliance during the 2nd quarter worth approximately $28,000. UMB Bank n.a. increased its holdings in Reliance by 27.0% in the 3rd quarter. UMB Bank n.a. now owns 249 shares of the industrial products company’s stock worth $72,000 after acquiring an additional 53 shares in the last quarter. Brooklyn Investment Group purchased a new stake in Reliance in the 3rd quarter worth $78,000. National Bank of Canada FI raised its position in Reliance by 17.9% during the second quarter. National Bank of Canada FI now owns 270 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 41 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Reliance during the second quarter valued at $117,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RS. KeyCorp cut their target price on shares of Reliance from $335.00 to $325.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. BMO Capital Markets cut their price objective on Reliance from $340.00 to $330.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $326.40.

Reliance Price Performance

Shares of NYSE RS opened at $321.24 on Friday. The firm has a 50-day simple moving average of $298.67 and a 200-day simple moving average of $291.61. The company has a quick ratio of 1.58, a current ratio of 3.31 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $17.39 billion, a price-to-earnings ratio of 17.64 and a beta of 0.85. Reliance, Inc. has a 52 week low of $261.77 and a 52 week high of $342.20.

Reliance (NYSE:RS) last released its quarterly earnings data on Thursday, October 24th. The industrial products company reported $3.64 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.02). The business had revenue of $3.42 billion during the quarter, compared to analyst estimates of $3.38 billion. Reliance had a net margin of 7.42% and a return on equity of 13.68%. The firm’s revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.00 EPS. On average, equities analysts predict that Reliance, Inc. will post 16.42 earnings per share for the current fiscal year.

Reliance Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend is Friday, November 22nd. Reliance’s dividend payout ratio (DPR) is currently 24.16%.

Insider Buying and Selling at Reliance

In related news, CFO Arthur Ajemyan sold 6,332 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $318.18, for a total value of $2,014,715.76. Following the completion of the transaction, the chief financial officer now directly owns 9,245 shares in the company, valued at approximately $2,941,574.10. This represents a 40.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mark V. Kaminski sold 5,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $298.01, for a total value of $1,490,050.00. The disclosure for this sale can be found here. Insiders sold a total of 17,832 shares of company stock worth $5,595,881 in the last three months. 0.69% of the stock is owned by corporate insiders.

Reliance Profile

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.